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Celery wallet review – December 2018

7 August 2018

Celery Wallet

If you’re looking to buy bitcoin but don’t know where to start, digital currency exchange Celery provides an easy entry into one of the world’s fastest growing markets.

Celery has evolved quite a bit since it was founded back in 2013 by a pair of former Goldman Sachs employees. Over the years, the platform has been simplified to provide people with a fast and easy way to use digital currency.

Celery is derived from the word Celer, which is the Latin for swift or speedy. That’s the value proposition behind Celery.

Cons

Provides access to only three digital currencies, as explained below, while omitting some of the largest.

Weekly transaction limits put a hard cap on how much money you can send.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.

This wallet isn't currently available via the finder website right now. Please see our comparison of other crypto wallets for options to consider.

What is Celery?

Celery is an online wallet and exchange platform that allows you to buy, sell, store, send and receive digital currency. All this can be done by linking your bank account to your wallet on the gotocelery.com website.

Unlike more sophisticated exchanges that cater to advanced traders, Celery has clearly defined limits for people looking to buy or sell digital currency. Below is a breakdown of how the process works with FedWire, the funds transfer system operated by the United States Federal Reserve Banks, and ACH, the Automated Clearing House network for financial transactions.

Buying:

Weekly buy limit

Settlement time

FedWire buy orders

US$3,000

Same day or next business day

For ACH buy orders

US$250

5 business days

Selling:

Process

Weekly sell limit

Settlement time

FedWire Sell orders

Celery wires funds to your bank account.

US$5,000

Up to 3 business days

For ACH Sell orders

Issues an electronic ACH payment through a payment processor.

US$5,000

Information not available

Compatibility

As a web-based platform, Celery is compatible with most major browsers, such as Chrome and Internet Explorer.

How much does it cost?

As a service provider, Celery charges fees on its transactions. Below is a breakdown of those fees:

Transaction type

Fee

Minimum fee for small orders

FedWire Buy Order

5%

US$30

FedWire Sell Order

5%

US$50

ACH Buy Order

10%

US$10

ACH Sell Order

5%

US$15

Periods with higher price volatility can lead to higher fees.

There are no fees for storing, sending or receiving digital currency.

Which currencies can I store?

Bitcoin

Litecoin

Dogecoin

How do I add currency to my wallet?

Buying digital currency with Celery is simple. Below are the steps illustrating how it's done.

Create an account. Provide your email, name, address and phone number to set up an account with Celery.

Buy digital currency. Go to the “buy” page and select the digital currency you want and the amount you want to buy. Once the digital currency is in your Available Balance, you can use it as you wish.

It’s also worth mentioning that Celery has also partnered with Case, a highly secure wallet platform. Through this partnership, Case allows its users to buy and sell bitcoin directly from the Celery wallet.

How do I make or receive payments with Celery?

With Celery, you can fund your bitcoin, Litecoin or Dogecoin from your bank account. Once you purchase the digital currency, you can use it to buy products or send to friends and family.

You can also deposit these digital currencies to your Celery account from another wallet or exchange platform.

How secure is Celery?

First and foremost, it’s important to note that Celery is legally registered with FinCEN as BTX Trader LLC. FinCEN is the bureau of the US Treasury Department that combats money laundering and other financial crimes.

Celery also uses several security techniques to safeguard client accounts, including the following:

Encryption

Backups

Cold storage

Audited code

Penetration testing

Bug bounty

Of course, online wallets aren’t as secure as hardware wallets and are subject to hacking attempts. Nevertheless, Celery has a good track record for security.

Where can I get Celery?

Celery is only offered through its official website gotocelery.com. Simply create an account and verify your banking information to start trading digital currency, keeping in mind the limits discussed previously.

Pros and cons

Pros

Simple to use, attractive interface.

Ideal for beginners.

Locked in prices on deposit and automatic conversion when cash reaches account.

Cons

Provides access to only three digital currencies, as explained below, while omitting some of the largest.

Weekly transaction limits put a hard cap on how much money you can send.

Next steps

If you’re on the fence about bitcoin, Celery makes it really appealing to give it a try. The low-barrier-to-entry model is ideal for beginners who are looking to take advantage of the booming digital currency market, but are unsure where to begin.

The fees are also reasonable, provided you keep your buying and selling activity disciplined.

Getting started with Celery takes just a few minutes. Simply visit gotocelery.com and enter your details.

Frequently asked questions

Celery can still be used even if you don’t have a bank account. In this case, you can use the platform to store, send and receive (deposit) digital currency. To do this, you need to create an account and fill in your information without adding bank details.

Buying with PayPal is currently unavailable.

At present, only US customers with domestic bank accounts can buy and sell digital currency on Celery. However, international customers can still use the platform to store, send and receive (deposit) digital currency.

The price at which you buy or sell a digital currency is based on market liquidity at several exchanges. Celery aims to provide you with the best price available.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

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